The field of the present disclosure relates generally to the use of payment cards by cardholders in the payments industry, and, more particularly, to an account portfolio conversion system for translating first account data associated with a first payment processing network to second account data associated with a second payment processing network.
In the payment card or payment account industry, issuer banks issue payment cards to cardholders, and contract with a payment processing network to process transactions between a cardholder, a merchant and the issuer bank. In many cases, when the issuer bank contracts with the processing network, the issuer bank must invest time and money in its backend computer infrastructure so as to be able to communicate with the processing network.
In some cases, the issuer bank may decide to change from one processing network to another processing network. To do so, the issuer bank would typically have to convert its accounts from the original processing network to the new processing network. In addition, the issuer bank may have to make another large investment in technology and/or infrastructure to support the account portfolio conversion.
There exists a need for a system that enables issuer banks and other financial entities to convert their account portfolios from one processing network to another processing network without having to make such infrastructure changes and investments.